The real estate market in India has always seen significant interest from the Indian diaspora, as an investment avenue. With developers constantly trying to woo non-resident Indians (NRIs), they can choose from a variety of options, in the commercial and residential segments.
Buying and selling of property in India
An NRI can either come to the nation and buy or sell a property or give a POA (Power of Attorney) to a relative and get the transaction done, without travelling to India. NRIs can also get home loans in India. The documents for the home loan may vary, according to the nation in which the NRI is settled. Usually, the term of the loan will be 10 to 15 years, while the cost that the NRI is eligible for, will vary based on age, education, income, etc.
To finance the property’s investment, it is advisable to use a non-resident external account (NRE account), as this will assist the NRI to take back the capital invested in the property and land when they resell the property.
This is the right time for NRIs investing in Indian real estate especially for those who are on the edge of retiring and thinking to settle in India.
It is better to consult and hire the competent lawyers for legal advice before NRIs investing in India. Since In-depth research about the property would definitely bring out some shortcomings because of being away from the property. From title confirmation to the registration of the property, a property lawyer would help NRIs with all the legal formalities associated with a land deal. A property lawyer can check to make sure that the property titles are correct, house documents are registered appropriately and check that all paperwork related to the property is legal. However, while choosing a property lawyer, it is crucial to make sure that he or she is a certified and licensed lawyer.